China is making good on its threats to topple the U.S. dollar as China’s Foreign Exchange Trade System said it will start direct trading with the Swiss franc.
The People’s Bank of China said, “this is an important step in strengthening bilateral economic and trade connections between China and Switzerland. The link will help lower conversion costs and facilitate the use of both currencies in bilateral trade.”
Beginning on Tuesday, the move makes the franc the seventh major currency that can bypass a conversion into the U.S. dollar and be directly exchanged for yuan.
Chinese and Swiss banks signed a three year currency swap agreement in 2014 that can be used to borrow as much as 150 billion yuan.
If it sounds like foreign nations are losing trust in the dollar, it’s because they are. Just last year, Washington begged our allies not to join China’s new Asian Infrastructure Investment Bank because Washington and the Fed couldn’t control it. Every U.S. ally with the exception of Japan ignored Washington’s pleas and decided to head for better ground in China.
Japan had a very good reason for not joining arm in arm with China and it’s because they knew they weren’t wanted. China still harbors tremendous hatred for Japan because of atrocities committed against the Chinese by occupying Japanese forces during the second world war. China hope’s to settle this at a later date.
China, along with Russia, other BRICS nations and now Middle East nations are determined to defeat the U.S. by destroying the dollar. Unfortunately, it appears their plans couldn’t be going any better. When China buys our enemies it’s one thing; when they successfully buy our allies it’s a whole different matter.
Foreign nations may kill the dollar but they can’t destroy physical gold and silver.
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